In May, pending home sales rebounded by 8.2% M/M, while only a 3.0% M/M increase was expected. The rebound comes however after an awful April figure, when pending home sales fell by 11.3% M/M. The details show that the rebound was broad-based as pending home sales rose in all regions: 12.9% M/M in the West, 10.9% M/M in the Midwest, 7.3% M/M in the Northeast and 4.1% M/M in the South. The 8.2% M/M increase was well above market expectations and encouraging sign, but put against the sharp decline in April the jump is less impressive and doesn’t say much about the trend.